AMC Networks Completes Acquisition of Chellomedia
February 02, 2014 --
NEW YORK, Feb. 3, 2014 (GLOBE NEWSWIRE) -- AMC Networks Inc. (Nasdaq:AMCX) announced today it has completed its acquisition of substantially all of Chellomedia, the international content division of Liberty Global (Nasdaq:LBTYA), for €750 million (approximately $1.0 billion USD1).
"Chellomedia has a collection of strong, well-established and well-managed assets worldwide and we're excited about the long-term growth opportunity this acquisition represents for AMC Networks and its shareholders," said Josh Sapan, President and CEO of AMC Networks.
The acquisition provides AMC Networks with an extensive array of television channels that are distributed to more than 390 million households in 138 countries. The channels span a range of genres, including movie and entertainment networks, providing significant long-range opportunities for AMC Networks to distribute its original programming from AMC, IFC, Sundance Channel and WE tv across an expansive global footprint. The acquisition builds on the company's existing and growing international programming business, AMC/Sundance Channel Global, which will continue to deliver AMC Networks' content to its global distribution partners. Bruce Tuchman, President of AMC/Sundance Channel Global, will continue to lead this key business for AMC Networks with the support of Executive Vice Presidents Ed Palluth and Harold Gronenthal.
AMC Networks' Chief Operating Officer Ed Carroll will lead the company's integration of Chellomedia. Reporting directly to Carroll are the heads of Chellomedia's operating businesses: Alejandro Harrison, Chief Executive Officer - Chello Latin America; Mike Moriarty, Managing Director - Chello Central Europe; Dermot Shortt, Chief Executive Officer - Chello Zone; and Eduardo Zulueta, Managing Director - Chello Multicanal. In addition, AMC/Sundance Channel Global's Tuchman will continue to report to Carroll.
1 The purchase price is translated into U.S. dollars based on the euro to U.S. dollar foreign currency exchange rate in effect as of January 31, 2014.
About AMC Networks Inc.
Dedicated to producing quality programming and movie content for more than 30 years, AMC Networks Inc. (Nasdaq:AMCX) owns and operates several of the most popular and award-winning brands in cable television. AMC, IFC, Sundance Channel, WE tv, and IFC Films produce and deliver distinctive, compelling and culturally relevant content that engages audiences across multiple platforms. The company also operates international programming businesses consisting of AMC/Sundance Channel Global and Chellomedia, as well as AMC Networks Broadcasting & Technology, a full-service network programming origination and distribution company. For more information, please visit www.amcnetworks.com.
CONTACT: Press Contacts:
AMC Networks - Corporate Communications
Chello Central Europe
+36 1 2369111
+34 91 714 10 80 ext. 2132
44 (0) 20 7644 8406
Chello Latin America